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STATE OF CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT

INSURANCE GUIDELINES CHECKLIST DIVISION OF FINANCIAL ASSISTANCE

REV 1/12/12) ASSET MANAGEMENT AND COMPLIANCE SECTION

Project Name:

HCD Contract/Loan #:

Insurance Co.:

Insurance Policy #:

Preparer Name:

Preparer Phone #:

These insurance guidelines govern insurance coverage on rental properties purchased or improved using Department loans or direct grants. Department reserves the right to revise this checklist and vary these insurance guidelines based on, among other items, the availability of coverage, current insurance industry standards and concerns specific to the insured property.

Property owners are responsible for carrying the minimum required insurance coverage according to the Department’s loan documents, including the regulatory agreement. Insurance coverage meeting the following guidelines will be deemed by the Department to be in compliance with the Department’s loan documents.

When these Requirements Apply: These requirements apply initially at close of escrow and annually thereafter. At these times the property owner must provide to the Department a one-year prepaid proof of an insurance policy that acknowledges the Department’s security interest and has appropriate coverage in force for property and liability exposures as indicated below.

Insurance Agent Instructions: By initialing each of the provisions below, the Sponsor’s insurance agent certifies that the policy meets the following guidelines. Attach proof of an insurance policy to this checklist and return to the Department at the address listed in Section 6, below.

1.

GENERAL REQUIREMENTS:

A. Insurance Company Qualification: Property and liability insurance policies, and a separate flood insurance policy (if applicable), must be with a company that has an A. M. Best Key Rating Guide financial strength rating of A- or better, and a financial size of class VII or better.

The carrier’s A. M. Best Rating may be verified at: /

If a Joint Powers Authority (JPA), accreditation may be verified at:

/Topics/Accreditation/default.aspx

__________

Agent Initials

B. All property coverage must name the Department as Lenders Loss Payee.

__________

Agent Initials

C. All liability coverage must name the Department as an Additional Insured.

__________

Agent Initials

2.

PROPERTY COVERAGE (formerly “Hazard”):

  1. Buildings: Property coverage amount sufficient to rebuild the Project with no coinsurance penalty (100 percent of reconstruction cost).

__________

Agent Initials

1. Special causes of loss (formerly “all risk”) including coverage for Buy-back of Ordinance or Law exclusions (loss to undamaged portion of the building, demolition cost, increased cost of construction, and increased period of restoration).

__________

Agent Initials

2. Flood policy, if property is in FEMA high hazard flood zone, verify flood zone of property address at: http://www.fema.gov and provide evidence of Flood Insurance. and provide evidence of Flood Insurance if property is in FEMA high hazard flood zone.

__________

Agent Initials

  1. Contents: Include coverage for owner-provided fixtures, window/floor coverings, appliances, and other non-building property.

__________

Agent Initials

  1. Loss of Rents: Include actual loss sustained coverage to replace the reduction in rent revenue as the result of a property loss.

__________

Agent Initials

  1. Waiver of Subrogation: Borrower/Sponsor must agree to waive subrogation after a property loss.

__________

Agent Initials

  1. Deductibles: $10,000 maximum deductible per occurrence; higher deductibles require prior approval by the Department.

__________

Agent Initials

  1. Boiler and Machinery: If boiler exposure exists, it must be specifically covered.

__________

Agent Initials

3.

COMPRHENSIVE GENERAL LIABILITY COVERAGE:

A. Minimum amounts:

1. $1,000,000 per occurrence, $2,000,000 aggregate.

__________

Agent Initials

2. If elevator exposure: $2,000,000 per occurrence, $4,000,000 aggregate.

__________

Agent Initials

B. Medical payments: $5,000 per person recommended (not required).

__________

Agent Initials

4.

SPECIAL COVERAGE: If restaurant/cooking or child care exposure exists, it must be specifically insured for liability separate from the premises liability.

__________

Agent Initials

5.

CERTIFICATES AND EVIDENCES: All Certificates and Evidences must include the name of the Project, the name of the Borrower as named insured, the Department’s Contract Number or loan number, and the address of the Project. The Department, its officers, agents, employees, directors, and appointees shall be additionally insured as their interests may appear.

Department must be notified 30 days prior to any change, non-renewal or cancellation of the insurance policy.

__________

Agent Initials

6.

IDENTIFICATION OF DEPARTMENT: All insurance shall identify the Department and its contract/loan number as follows:

(Insert HCD Program Name: MHP, SHMHP, RHCP-BOND, etc.)

State of California Department of HCD

Asset Management and Compliance

1800 Third Street, Suite 460

Sacramento, CA 95811

Re:________ (HCD Contract #, or Loan #, if contract # not available)

__________

Agent Initials

7.

SIGNATURE OF AGENT: Agent hereby certifies that the insurance for the identified property meets the above requirements:

___________________________________ ________________

Agent Signature Date

___________________________________

Agent Name

EXHIBIT B (Page 3 of 3)



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